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AVCO - Weighted Average Total value of inventory divided by total no of units
FIFO - First In, First Out Issues are made from oldest inventory leaving latest purchases for inventory balance.
LIFO - Last In, First Out Issues are made from newest inventory leaving earliest purchases for inventory balance
Financial Accounting Provides information to external groups, are an historic record and are presented in a standard format laid down in law.
Management Accounting Management accounting compares actual results with predicted results and tries to use information to make further predictions about the future.
Cost Accounting It is concerned with establishing costs.
Cost Centre A small part of a business for which costs are determined
Cost Classification by function Cost of sales, Distribution costs, Administrative expenses
Cost Classification by element Materials, Labour, other expenses (overheads)
Cost Classification by relationship to cost units Direct, Indirect
Cost Classification by behaviour Fixed, Variable, Semi-variable, Stepped
Direct Cost An item of cost that is traceable directly to a cost unit
Indirect Cost A cost that cannot easily be identified with any one finished unit and are often referred to as overheads.
Variable Costs Are costs that vary (usually assumed in direct proportion) with changes in level of activity.
Fixed Costs These costs are not affected by changes in activity level.
Semi-variable Costs These costs are those that have a fixed element and a variable element.
Stepped Costs Costs that remain fixed up to a particular level of activity, but which rise to a higher (fixed) level if activity goes beyond that range.
Total costs 1 = Fixed costs + Variable costs
Total costs 2 = Fixed costs + (number of units x variable cost per unit)
Coding - Numeric 100/310
Coding - Alphanumeric A230
Coding - Alphabetic AB/RT
Direct Materials (Raw) Materials that are used directly as part of the production of the goods that the organisation makes.
Indirect Materials (Raw) Materials used in the production process which are not used in the actual products themselves.
Work in progress Units that have been started but are incomplete at the end of the accounting period.
Finished goods These goods are completed and ready for selling to customers.
Salaried Employee Where gross pay is agreed at a fixed amount for a period of time whatever hours that employee works in that period.
Hourly Rate Employee Payment for a set hourly rate for each hour that he works.
Overtime The number of hours worked by an employee which is greater than the number of hours set by the organisation as the working week.
Overtime Premium The amount over and above the normal hourly rate that employees are paid for overtime hours.
Output Related Pay This is known as piecework and is where a fixed amount is paid per unit of output achieved irrespective of the time spent.
Piece Rate with Guarantee If the employer does not provide enough work in a particular period they will receive a guaranteed amount so if they do not make enough units they will still be guaranteed a day rate.
Variance The difference between actual and expected (or budgeted) cost is known as a variance.
Favourable or FAV Is a variance when the actual cost is lower than expected,
Adverse or ADV Is a variance when actual cost is higher than expected.
Created by: donnaowen